Suppose that Mimi plays golf 5 times per month when the price is $40 and 4 times per month when the price is $50. What is the price elasticity of Mimi’s demand curve?

If the national debt is owed entirely to U.S. citizens,

a. paying off the debt will necessarily stimulate growth. b. future interest payments on the debt are not a burden to the nation as a whole. c. future economic growth will necessarily be slowed. d. the debt constitutes a burden to these citizens.

In order to maximize profits, a monopolist should produce where the average revenue is equal to marginal cost

a. True b. False Indicate whether the statement is true or false